Originally Posted by
TOGA
Fosters -
As for my numbers being wrong, here's a BankRate.com amortization table showing $203,500 amortized over 30 years at 1.73% . . . ending with $57,499.10 total interest paid:
Ah I see how they figure it - they are comparing it to a 30 year loan where I was comparing it over the life of the loan (just 8.5 years or so). Still pretty low. That makes sense.
So, if I'm understanding the concept you're calling DIY, you'd actually be paying more money in total mortgage payments, right? If so, therein lies a huge advantage of the MMA . . . you get to use the bank's money, not yours! If not, then I simply don't understand.
Yes, you are correct. The MMA beat the DIY version by a little over $20k and almost 2 years.